FTSE 100 movers: DCC gains; AB Foods slumps on update

(Sharecast News) - London's FTSE 100 was flat at 9,241.67 in afternoon trade on Wednesday. DCC shot to the top of the index after saying it plans to launch a £600m return to shareholders, having completed the sale of its healthcare business.

Haleon was also a high riser after Goldman Sachs upgraded the shares to 'buy' from 'neutral' and lifted the price target to 440p from 415p, saying the current valuation offers an attractive entry point.

"Haleon shares have declined 9% since post its Capital Markets Day on May 1st which provides a buying opportunity, in our view, given that H2 25 headwinds from the US and FX/scope are reflected in consensus, while the attractive fundamentals remain intact," the bank said.

Goldman said it expects around 5% organic sales growth in FY26-28, as North America returns to growth and emerging markets see volume benefits from affordability actions.

On the downside, Associated British Foods slumped as it reported a weaker performance in its sugar division and muted growth at Primark, overshadowing otherwise resilient trading across the board.

Marks & Spencer and Next also lost ground.

Russ Mould, investment director at AJ Bell, said: "The idea that value retailers will automatically thrive in a period where consumers are watching their pennies no longer stacks up. Cheap prices do not mean goods will fly off the shelf, just as Primark has found out.

"Sales have been poor in parts of Europe amid a weaker consumer environment. While there are green shoots in the UK, even its domestic territory isn't firing on all cylinders.

"Primark's click and collect service is showing good momentum, but the retailer is unlikely to offer a full transactional website as the economics don't stack up.

"In the current environment, all Primark can do is make sure its stores are tidy, there is good stock availability, and pricing remains competitive. It's a case of sitting tight and waiting for market conditions to improve."

FTSE 100 - Risers

DCC (CDI) (DCC) 4,812.00p 3.04% Prudential (PRU) 1,021.00p 2.76% Anglo American (AAL) 2,557.00p 2.69% Pershing Square Holdings Ltd NPV (PSH) 4,592.00p 2.41% Haleon (HLN) 367.50p 2.05% BAE Systems (BA.) 1,825.50p 1.84% HSBC Holdings (HSBA) 992.40p 1.37% Imperial Brands (IMB) 3,141.00p 1.29% Standard Chartered (STAN) 1,419.00p 1.25% St James's Place (STJ) 1,245.50p 1.10%

FTSE 100 - Fallers

Associated British Foods (ABF) 1,945.00p -13.21% International Consolidated Airlines Group SA (CDI) (IAG) 386.80p -2.79% Marks & Spencer Group (MKS) 345.30p -2.10% JD Sports Fashion (JD.) 91.70p -1.82% Next (NXT) 11,950.00p -1.81% SEGRO (SGRO) 617.80p -1.78% easyJet (EZJ) 463.40p -1.70% Auto Trader Group (AUTO) 802.00p -1.40% Whitbread (WTB) 3,116.00p -1.39% 3i Group (III) 3,869.00p -1.38%